Insider Buying: Veritiv Corporation (VRTV) Chairman Buys 3,300 Shares of Stock
Veritiv Corporation (NYSE:VRTV) Chairman Mary A. Laschinger acquired 3,300 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were bought at an average price of $30.22 per share, for a total transaction of $99,726.00. Following the purchase, the chairman now owns 63,993 shares in the company, valued at $1,933,868.46. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Veritiv Corporation (NYSE VRTV) traded up 2.00% during midday trading on Wednesday, reaching $30.65. The company had a trading volume of 55,665 shares. The firm’s market capitalization is $481.21 million. The stock’s 50 day moving average is $30.15 and its 200 day moving average is $42.99. Veritiv Corporation has a 12-month low of $26.85 and a 12-month high of $62.60.
Veritiv Corporation (NYSE:VRTV) last posted its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.32. Veritiv Corporation had a positive return on equity of 5.43% and a negative net margin of 0.02%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.02 billion. The company’s quarterly revenue was down 1.5% on a year-over-year basis. Equities research analysts expect that Veritiv Corporation will post $1.49 earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System boosted its position in Veritiv Corporation by 26.0% in the second quarter. California State Teachers Retirement System now owns 20,375 shares of the basic materials company’s stock worth $917,000 after purchasing an additional 4,200 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Veritiv Corporation by 38.8% in the second quarter. The Manufacturers Life Insurance Company now owns 9,184 shares of the basic materials company’s stock worth $413,000 after purchasing an additional 2,567 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Veritiv Corporation in the second quarter worth $392,000. State Street Corp boosted its position in Veritiv Corporation by 15.2% in the second quarter. State Street Corp now owns 248,552 shares of the basic materials company’s stock worth $11,193,000 after purchasing an additional 32,835 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new position in Veritiv Corporation in the second quarter worth $55,381,000. 93.10% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on VRTV shares. BidaskClub cut Veritiv Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. SunTrust Banks, Inc. upgraded Veritiv Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Thursday, August 3rd. They noted that the move was a valuation call. Zacks Investment Research upgraded Veritiv Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Wells Fargo & Company upgraded Veritiv Corporation from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 18th. Finally, William Blair cut Veritiv Corporation from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 9th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $45.60.
Veritiv Corporation Company Profile
Veritiv Corporation is a business-to-business distributor of print, publishing, packaging and facility solutions. The Company also provides logistics and supply chain management solutions to its customers. The Company’s segments are Print, Publishing & Print Management (Publishing), Packaging, Facility Solutions, and Corporate & Other.
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